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Op-ed: Black companies assist elevating the minimal wage. Why doesn’t the remainder of Company America?

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Individuals collect collectively to ask the McDonald’s company to boost employees wages to a $15 minimal wage in addition to demanding the best to a union on Might 23, 2019 in Fort Lauderdale, Florida.

Joe Raedle | Getty Photos

President Joe Biden introduced the “American Rescue Plan” in January, which incorporates elevating the minimal wage to $15 an hour. Because the president’s announcement, there was in depth debate surrounding the minimal wage enhance, notably from the enterprise group.

Whereas a lot of the “American Rescue Plan” focuses on reduction associated to COVID-19, elevating the minimal wage is lengthy overdue and the pandemic has solely exacerbated the necessity for a wage that may maintain American employees.

Up to now 25 years, the minimal wage has solely elevated $2.50—from $4.75 an hour to $7.25 an hour—and the final enhance was in 2009. Moreover, in line with the Financial Coverage Institute (EPI), Black workers make up 31% of the workforce that might most profit from an elevated minimal wage.

Opponents of a minimal wage enhance argue that it will harm American companies and pressure small and medium companies to shed employees.

Nonetheless, the U.S. Black Chambers, Inc. (USBC) disagrees with this argument. The USBC, which represents 310,000 Black-owned companies and 145 Black Chambers nationwide, understands that elevating the minimal wage could have a big influence on thousands and thousands of People and their houses, along with lowering pay inequality by race and gender.

At the same time as 41% of Black-owned companies closed as a consequence of COVID-19, Black enterprise house owners have continued to precise assist for a rise to the minimal wage due to the significant impact it will have in thousands and thousands of American houses and in lifting households out of poverty.

The EPI estimates that “virtually one in 4 (23%) of those that would profit is a Black or Latina lady.”

The USBC met with Vice President Kamala Harris and Secretary of the Treasury Janet Yellen earlier this month to debate the disproportionate have an effect on COVID-19 has had on Black-owned companies, and methods the Biden Administration is working to offer reduction and help to the companies that want it most.

At the same time as 41% of Black-owned companies closed as a consequence of COVID-19, Black enterprise house owners have continued to precise assist for a rise to the minimal wage due to the significant impact it will have in thousands and thousands of American houses and in lifting households out of poverty.

If the Black enterprise group, which faces main obstacles exterior of COVID-19, can get behind a $15 an hour minimal wage, why can’t the remainder of company America?

Elevating the minimal wage won’t be straightforward for companies however it’s a important step in bringing monetary stability to components of America which have lengthy been missed.

In truth, Black-owned companies might even see slower development based mostly on the variety of workers they’ll afford to pay (along with having much less entry to capital) however that isn’t stopping the group from rising to the problem.

Company America, let’s make a $15 minimal wage occur by 2025.

 Ron Busby is president of the U.S. Black Chambers, Inc.

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